10 year 5 day run higher in jeopardy
As the markets await the US stock opening, ten-year yields and moved to new session lows. The yield fell to a low of 2.7374%. That was down over 4 bps on the day. The yield is currently at 2.748%.
A fall today would snap a 5 day run higher that saw yieldss moved from 2.657% to 2.7968% on Friday (the bond market was closed on Monday in in observance of the Martin Luther King Day holiday)
Yields are reacting to lower global stock markets on fear of lower global growth. The IMF cut global growth forecasts yesterday. Ray Dalio of Bridgewater said at Davos today that there is a significant risk of a recession in 2020.
US existing home sales will be reported at 10 AM ET/1500 GMT with exceptations of 5.24M annualized pace vs 5.32M last month.
